Jointly implemented projects that limit or reduce emissions or enhance sinks are permitted among developed countries under Article 6 of the Kyoto Protocol. JI activity is also permitted in Article 4.2(a) of the Convention,between all Parties. As defined in the Kyoto Protocol JI allows developed countries, or companies from those countries, to cooperate on projects to reduce greenhouse gas emissions and share the emissions reduction units (ERUs). As JI occurs between Annex B countries(who have emissions caps), no new emissions units are generated (unlike the case with projects under the Clean Development Mechanism). JI can be viewed as an investment for ERUs swap. There is a two-track procedure for approval of JI projects. Track 1 applies if both Partiesare in compliance with their Kyoto Protocol obligations,in which case JI projects are approved by the governments involved. Track 2 applies if one or both Parties are out of compliance, in which case the JI project must be reviewed by an accredited independent agency, using a process similar to that used for the Clean Development Mechanism. (See also ‘Activities Implemented Jointly’.)